Cooperation between central banks is crucial for building a resilient, efficient and inclusive financial system. | Photo Credit: Andrea Nicolini

Union Minister for Finance and Corporate Affairs Nirmala Sitharaman and the Reserve Bank of India Governor Sanjay Malhotra, co-chaired the BRICS Finance Ministers and Central Bank Governors meeting in Jaipur on August 12-13, where the Governor highlighted the pivotal role central banks play in maintaining price and financial stability.

"The Governor highlighted the pivotal role central banks play in maintaining price and financial stability. Cooperation between central banks is crucial for building a resilient, efficient and inclusive financial system," the RBI said on X. The central bank noted that the Governor acknowledged specific institutional measures undertaken across primary financial domains during the conference. "He appreciated the work done by the central bank workstreams in the areas of information security, fintech, cross-border payments, sustainable finance, capacity building and contingent reserve arrangement," the RBI stated.

Earlier, the Finance Minister also met the Vice Minister of Finance of Indonesia Juda Agung in Jaipur on August 12, discussing key matters related to financial sector development and closer collaboration in international financial services. The bilateral meeting took place on the sidelines of the BRICS Finance Ministers and Central Bank Governors (FMCBG) meeting, the Ministry of Finance said on X.

During the discussion, Sitharaman highlighted the progress in bilateral relations following high-level diplomatic visits between the two countries. "Union Minister for Finance & Corporate Affairs Smt. @nsitharaman met H.E. Mr. Juda Agung, Vice Minister of Finance of Indonesia, on the sidelines of the BRICS Finance Ministers and Central Bank Governors (FMCBG) meeting in Jaipur, Rajasthan, yesterday," the Ministry of Finance said on X. "FM Smt. @nsitharaman noted that Prime Minister Shri @narendramodi's State Visit to Indonesia last month has taken the Comprehensive Strategic Partnership into its 'golden era'," the ministry stated.

The leaders focused on administrative and policy mechanisms to boost economic engagement, touching upon specific operational frameworks in financial services and bilateral commerce. "The two leaders discussed issues related to financial sector development; closer collaboration in international financial services, including knowledge exchange on setting up and running financial centres; the India-Indonesia Economic and Financial Dialogue; stronger trade ties; and local currency transactions," the Ministry noted. The conversation extended to multilateral engagement and economic coordination among developing economies. "Both sides agreed that, as two like-minded members of the Global South, India and Indonesia should continue to work closely within multilateral institutions. H.E. Mr. Juda Agung appreciated India's strong economic growth and resilience," the ministry noted.

Addressing broader economic challenges, "Both sides underlined the importance of sustaining growth amid global uncertainties, noting that structural reforms, continued infrastructure investment and Digital Public Infrastructure, are all critical to strengthening macroeconomic stability," the Ministry of Finance noted.

Published on August 14, 2026